Market makers will have to trade on these unregulated exchanges so that they can hedge. So all you have done is unload the risk to the MMs. Which means if the M

Market makers will have to trade on these unregulated exchanges so that they can hedge. So all you have done is unload the risk to the MMs. Which means if the MMs operate on the same risk model as you. Then you can expect the futures products to be highly illiquid.